Ringgit ends lower as oil prices rise, Fed decision looms
KUALA LUMPUR: The ringgit closed lower against the US dollar on Tuesday, weighed by higher crude oil prices and cautious sentiment ahead of the US Federal Reserve’s (Fed) next policy decision, an analyst said.
KUALA LUMPUR: The Malaysian ringgit closed at a lower rate against the US dollar on Tuesday, according to an analyst. This decline was attributed to the rise in crude oil prices and cautious market sentiment preceding the US Federal Reserve's upcoming policy decision. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid suggested that the high crude oil prices might bolster the argument for a potential Federal Reserve rate increase in the coming week.
Other Asian currencies also exhibited mixed performance, with the US dollar-yen hovering around 153 yen, reflecting growing anticipation of a Bank of Japan rate hike next week. Dr Afzanizam told Bernama that the overall market sentiment was apprehensive about the Federal Reserve's next move in the near term. By the day's end, the ringgit had weakened against a range of major currencies, including the euro, British pound, Japanese yen, Philippine peso, Singapore dollar, Thai baht, and Indonesian rupiah.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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